Forterra cuts profit forecast amid slowdown in UK housebuilding

Brick manufacturer Forterra has lowered its full-year adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) forecast to around £50m, missing analyst expectations of £54.8m. The company reported that revenue fell by 11.9 per cent to £282.7m on a like-for-like basis in the 10 months ending October. This decline follows a 11 per cent drop in UK brick industry deliveries over nine months to September, driven by weaker housebuilding activity.

The figures indicate growing pressure on building materials manufacturers as the slowdown in new-build housing activity affects demand across the construction industry. Forterra noted that demand for repair and maintenance work, such as home extensions, has also remained subdued.